Thesis Gold Summarizes Ranch Project Data Compilation

Vancouver, February 22, 2021 - Thesis Gold Inc. (TSXV: TAU) ("Thesis" or the "Company") is pleased to provide a summary of the compiled historical data from the Ranch Gold Project in a road-accessible area of the Golden Horseshoe in north-central British Columbia, Canada (Figure 1). The region is host to multiple copper-gold porphyry and high-grade gold-silver deposits that includes Benchmark's Lawyers gold-silver epithermal deposit and Centerra's Kemess gold-copper mine 60 km to the southeast (Figure 1).

Thesis has completed a significant data compilation from the large historical data set on the project. This is the first time such a digital compilation has been undertaken on the project and will allow the Company to unlock the potential from decades worth of historical fieldwork and drill programs. In tandem with the digitization of the data Thesis has designed and developed a cloud-based data management system to seamlessly manage tenure, geochemistry, geophysics, geology, and drill data to leverage data integration. These integrated data sets will improve drill targeting and help direct future fieldwork.

Project Highlights Include:

• The Ranch property covers 178 km² of highly prospective rocks - district scale potential (Figure 2)
• 21 known near surface high-sulphidation epithermal gold deposits and prospects with potential link to a deeper porphyry system (Figure 3)
• 34,117 m of historical core drilling from 433 holes - Large historical dataset
  • 75% of historical drill holes are under 100 metres in length
• Drill highlights include 29.90 grams per tonne (g/t) gold over 25.60 metres (see NI 43-101 Technical Report (Sept 18, 2020)
• Historical production from 3 small open pits; 10,000 oz of gold produced @ 9.2 g/t Au (Cheni Gold Mines Inc., 1991, 1992)
• Road accessible, existing road network, and proximity to existing mines in a proven and profitable mining jurisdiction - infrastructure

Property History and Future Potential:

From 1972 onwards at least 17 operators conducted a significant amount of work on a number of claims that for the first time have been consolidated by one owner to form the Ranch Property. The potential for a substantial resource on the Ranch Property is supported by this work, which has delineated 21 near surface epithermal gold occurrences (Figure 2).

Historical work highlights include:

• Development of 3 small open pits with surface production of 10,000 oz Au
• Soil sampling covering 27 km² with gold-in-soil anomalies up to 5960 ppb Au
• Selective rock grab sampling identifying multiple broad linear gold trends assaying up to 80.56 g/t Au
• 509 trenches with rock panel or selective grab samples assaying up to 561.48 g/t Au

Figure 1: Ranch Project location.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2191/75033_2b1431c2f4fd9a31_001full.jpg

Figure 2: Historical gold occurrences on the Ranch Project, including a schematic cross section illustrating the fault-controlled epithermal mineralization.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2191/75033_thesisfigure2.jpg

Historical Soil Sampling

Previous exploration programs collected a total of 14,800 soil samples covering 27 km² (~15%) of the current extent of the 178 km² Ranch property. A number of gold-in-soil anomalies were identified and subsequently followed-up by locally confined prospecting, trenching, and diamond drilling. This led to the discovery of the 21 gold occurrences with a majority remaining untested by large-scale exploration (Figure 2). Highlights of soil sampling include multiple trends with anomalous values that average 100 to 800 ppb Au, including up to 5960 ppb Au.

Historical Rock Sampling

A total of 3300 surface rock samples have been identified from previous exploration programs and are coincident with many of the known areas of gold mineralization, including several anomalous zones that have yet to be tested by trenching or diamond drilling. Compilation of historical rock chip and selective grab samples has identified multiple broad linear gold trends with average anomalous values ranging from 1 to 14.74 g/t Au, including up to 80.56 g/t Au.

Historical Trench and Channel Sampling

Past exploration excavated several hundred trenches mainly concentrated around the Bonanza, Thesis II, Thesis III, BV, and Bingo occurrences. Compilation has identified 509 trenches with 5437 panel or selective rock grab samples that were typically collected using industry standard panel sampling methodology. Of the compiled historical samples 17% have assays between 2.0 to 10.4 g/t Au and 6% range from 10.4 to 561.48 g/t Au.

Historical Drilling Results Summary

Historical drilling of 433 holes totalling 34,117 metres within the boundaries of the Ranch Property has focused primarily on mineralization at the Bonanza, Thesis III, Thesis II, BV, and Bingo occurrences. Of the drillholes completed on the property approximately 55% are less than 70 metres in length, 75% are less than 100 metres in length, and less than 4% were drilled to a length greater than 200 metres.

Predominantly shallow drilling targeted mineralization and associated alteration envelopes spatially related to a series of northwest oriented steeply-dipping structures. Much of the significant gold mineralization occurs along these trends within silica-sulphate and silica-sulphide bodies that are flanked by argillic alteration zones. A summary of select drillholes is highlighted below in Table 1.

Table 1 - Highlights of previous drilling at the Ranch property include:

*True thickness to be determined. See NI 43-101 Technical Report (September 18, 2020)

The trends observed at the Ranch property have alteration and mineralization consistent with high-sulphidation epithermal systems, as illustrated in Figure 3. Only 60 km southeast of the Ranch property is the Kemess gold-copper mine that to date has produced 3 million ounces of gold and 800 million pounds of copper (BC Minfile No. 094E 094). Interpretation of hydrothermal systems within the porphyry-epithermal continuum would suggest the potential for a deep-rooted porphyry feeder systems to exist below the high-sulphidation mineralization found at Ranch (Figure 3).

Figure 3: High-sulphidation geological model for the Ranch Project.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2191/75033_2b1431c2f4fd9a31_004full.jpg

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.

On behalf of the Board of Directors
Thesis Gold Inc.

"Ewan Webster"

Ewan Webster
President, CEO and Director

About Thesis Gold Inc.

Thesis Gold is a mineral exploration company focused on proving and developing the resource potential of the 17,832-hectare Ranch Gold Project located in the "Golden Horseshoe" area of northern British Columbia, approximately 300 km north of Smithers, B.C. For further details about the Ranch Gold Project, please refer to the Company's current geological Technical Report dated September 18, 2020 available under the Company's profile on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

For further information:

Nick Stajduhar
Director
Telephone: 780-701-3216
Email: nicks@thesisgold.com

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